The transfer and sale of assets from the Royal Mail Pension Plan to HM Treasury has reduced the deficit by £28bn, the Chancellor has revealed.
However, in his autumn statement, the Chancellor said the move would add to the deficit in coming years as the pensions of former Royal Mail workers are paid out of government coffers.
The deal to allow the state to take over Royal Mail's pension fund which added around £37.5bn of liabilities to the national debt.
Pensioners and deferred staff have now been transferred to the new Royal Mail Statutory Pension Scheme.
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